A representative for state securities regulators say they should continue to share responsibility for regulating the life settlement market.
Steve Hall, deputy general counsel at the North American Securities Administrators Association, Washington, talked about state securities regulators’ role in the secondary life arena at a recent conference call organized by the National Conference of Insurance Legislators, Troy, N.Y.
State lawmakers who belong to NCOIL are working on revisions to NCOIL’s life settlements model.
Hall recommended that NCOIL delete model provisions that relate to securities.
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Securities matters should be left to securities regulators, Hall said.
Another speaker, Rep. George Keiser, R-Bismarck, N.D., said his state has enacted the latest revisions to the Viatical Settlements Model Act, which was developed by the National Association of Insurance Commissioners, Kansas City, Mo.